Crypto Wallet Holding $2B Mt. Gox Bitcoin Sends Test Transaction as Distribution Continues: Arkham

The wallet that received $2 billion from Mt. Gox launched a test transaction on Tuesday.

Arkham analysts said the wallet likely belongs to crypto custody platform BitGo.

Users on Reddit are making unverified claims of receiving BTC and BCH balances on BitGo.

A crypto wallet that recently acquired $2 billion worth of Bitcoin {{BTC}} from the trustees of the now-bankrupt Mt. Gox exchange launched a test transaction on Tuesday, presumably to prepare to distribute money to creditors, blockchain analytics firm Arkham Intelligence reported.

Arkham analysts said the wallet that initiated the transfer likely belonged to crypto custody platform BitGo, one of five exchanges that distribute tokens to payees. They added that BitGo was the last remaining distribution partner.

The test transaction followed a 33,100 BTC transfer two weeks ago from a Mt. Gox cold wallet holding creditors’ funds worth $2.2 billion at the time.

BREAKING NEWS: MOVEMENTS FROM THE $1.95 BILLION MT GOX BTC WALLET

A Wallet that bought $2.19 billion worth of Bitcoin from Mt. Gox has started test transactions.

This wallet bc1q26 is likely Bitgo, the 5th and final exchange that works with the Mt. Gox Trustee to distribute funds to Mt. Gox creditors.

…is it? picture.twitter.com/w0j2aCg2Gc

— Arkham (@ArkhamIntel) August 13, 2024

Arkham explained the process of labeling the wallet as a possible BitGo in a Telegram message to CoinDesk. “The address was clustered with a large cluster of entries that we were able to identify as BitGo due to the custody structure and the types of wallets used,” one Arkham analyst said. “We were also able to identify other fur exchange partners used for Mt. Gox distributions, so there is a process of elimination as well.”

Meanwhile, some users on a Reddit channel dedicated to Mt. Gox creditors reported receiving money into their BitGo accounts. CoinDesk has not confirmed the claims.

BitGo did not respond to CoinDesk’s request to confirm the transaction at the time of writing.

Japan-based Mt. Gox was at one point the largest bitcoin exchange before it collapsed in a hack in 2014. The distribution of over 140,000 BTC and a similar amount of bitcoin cash {{BCH}} was a major concern for investors, who were worried that creditors would sell off their assets to turn a profit after a decade of waiting.

The trustee that manages the Mt. Gox assets began distributing tokens in early July, and with that news, BTC prices dropped below $54,000. Exchanges approved by the trustee for creditor repayments include Bitbank, BitGo, Bistamp, Kraken, and SBI VC Trade.

According to Arkham data, there are currently 46,000 BTC in Mt. Gox addresses, up from 141,000 on July 1.